Coforge, an Indian provider of IT services and solutions, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $1 billion.
The company is currently listed on the National Stock Exchange of India and the Bombay Stock Exchange (COFORGE).
Coforge states that is is a differentiated IT services and solutions firm providing comprehensive capabilities in product engineering services, data services, cloud and infrastructure management services, digital process automation services, and digital integration services. Its customers span various geographies and verticals. Its primary geographic markets are the Americas and Europe, the Middle East, and Africa, and it has a strong presence and expertise in the insurance, banking and financial services, and travel, transportation, and hospitality verticals.
The New Delhi, India-based company was founded in 1992 and booked $745 million in revenue for the 12 months ended September 30, 2021. It plans to list on the NYSE but has not selected a symbol yet (RC ticker: CFRG.RC). Coforge filed confidentially on September 3, 2021. Citi, J.P. Morgan, Barclays, BofA Securities, Evercore ISI, Credit Suisse, and Deutsche Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
